Wow, that's insane! Who would have ever thought that? I'm particularly intrigued by Costco's gaurantee:
This item is covered by Costco's guarantee to refund your purchase price if you are not completely satisfied. Costco's guarantee applies, even though this item may not be covered by the manufacturer's warranty, because Costco is not an "authorized" dealer of the merchandise.
Although I'm sure the bags are authentic, I don't understand is how they can sell mass amounts of it and NOT be an authorized dealer. Given the fact that Costco sells in mass volume, I'm sure that they bought these bags directly from Fendi -- there's no way that Costco went around cherry picking these bags from NM and Saks! So I wonder if this Fendi's way of trying make as much money as possible without tarnishing their image via authorizing Costco as a dealer?